Core Viewpoint - 361 Degrees reported a year-on-year retail revenue growth of approximately 10% for its main brand and children's clothing, with e-commerce platform revenue showing double-digit growth [1] Group 1: Retail Performance - The company maintained a retail growth rate of about 10% in offline sales for Q4 2025, expected to outperform peers, with stable discount and inventory levels [1] - The expansion of super stores has accelerated, with 126 super stores established by the end of 2025, significantly contributing to incremental sales and meeting consumer demand for cost-effective shopping [1] Group 2: Future Outlook - In the short term, the sports industry is expected to remain competitive in 2026, but the company’s order meeting is anticipated to perform well, with a high degree of growth certainty [1] - In the medium to long term, the company’s product matrix and product strength are expected to continue improving, with ongoing optimization of channel structure and exploration of new business formats like super stores likely to contribute to a second growth driver [1] Group 3: Financial Projections - The company is projected to achieve net profits attributable to shareholders of 1.26 billion, 1.37 billion, and 1.50 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 9, 8, and 7 times, indicating a relatively low valuation [1]